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The oil and gas industry, which is traditionally a laggard in the adoption of connected technologies, is increasingly deploying digital twins to improve decision-making. The prevailing industry downturn from COVID-19 has heightened the need to reduce costs and make operations more sustainable with technology, according to GlobalData. Digital twins are key to achieving this objective and ensuring sustainable operations in the long run.
Halliburton, Microsoft and Accenture entered into a five-year strategic agreement to advance Halliburton’s digital capabilities in Microsoft Azure. Under the agreement, Halliburton will move to cloud-based digital platforms and strengthen its customer offerings by, Enhancing real-time platforms for remote operations, Improving analytics capability with the Halliburton Data Lake utilizing ML & AI, and Accelerating the deployment of new technology and applications, including SOC2 compliance, for Halliburton’s system reliability and security.
Olivier Le Peuch, the new CEO of Schlumberger, yesterday outlined his vision for the firm at the Barclays CEO Energy-Power Conference in New York. He vowed to withdraw from unprofitable businesses, rearrange some units and laid emphasis on returns. Peuch also cautioned towards a sizeable, non-cash charge to write down assets in this quarter. Analysts and investors are looking at Peuch to navigate Schlumberger through the new era of digitalization.
The industry's major service provider, Schlumberger has introduced a revolutionary advancement at the 81st EAGE Conference & Exhibition. GAIA digital exploration platform is the recent development at the company which will allow exploration teams quick discovery and access to basin-scale data. Maurice Nessim said, “We developed the GAIA platform to accelerate our clients’ data discovery, screening and ranking of their exploration opportunities".
Petrofac’s head of strategy emphasized on the need of digital data and technology during the Gastech conference, 2018. If more data can be harnessed on oil and gas assets and machinery, it would improve “efficiency, safety and sustainability” quickly, he said. Petrofac is trying actively to provide better technology and had worked with Accenture in order to create a tool that can give “predictive analytics” on oil and gas assets.
The 22nd biennial Offshore North Seas (ONS) conference saw Christopher Hoftun from ASCO, Norway talk about the dawn of new culture of innovation in the oil and gas industry. As leaders from the industry gathered in ONS for a 4 day conference, the Digitalisation and innovation manager for ASCO Norway laid emphasis on the digital transformation of the offshore supply chain industry.
Keeping up with the digital revolution that has taken the oil and gas industry by storm, a new app has been unveiled that equips Digital Workers with live access to real-time and other information. The app has been developed by digitalisation software provider, Eigen, and is built on Eigen’s ‘Ingenuity’ platform. Lundin, Norway is currently using the app for its operations.
If sources were to be believed, the new Indian industrial policy which is to be released soon, will replace the 1991 policy, focusing on the use of big data and promotion of digital ports. The policy has been designed to further establish robust international linkages by strengthening India’s global exports. The idea is to integrate the Indian market with the global market by removing the existing barriers.
Aker BP has entered into an agreement with software solution company, Resoptima to carry forward its efforts of bringing about digitalisation into reservoir management. Resoptima’s proprietary software, ResX will enable Aker BP to quickly construct reliable reservoir models through constant integration of all existing reservoir data, acknowledging the uncertainty. Additionally, the oil major also acquired 15% equity stake in Resoptima.
A recent study by Emerson reveals that unconventional oil and gas operators can greatly enhance their performance with profits up to $7 billion by adopting advanced automation technologies. Digital transformation and Industrial Internet of Things (IIoT) is shaping future operational excellence. Profitability can improve by as much as 10% with a comprehensive improvement program.
UTEC is an international survey company in subsea services group Acteon which has recently delivered a Virtual Asset Management tool to an offshore operator in Eastern Canada. Through this tool, the team will be able to remotely access its Floating, Production Storage and Offloading (FPSO), right from their desktop with 360° visualization.
In the ongoing Oman’s Oil and Gas Exhibition and Conference (OGWA) 2018, Siemens will discuss how digitization and technological innovation are helping in making oil and gas operations safer, efficient, reliable and cost effective. The senior officials at Siemens feel that the oil and gas industry is facing serious challenges along with intense competition.